After taking over the Toronto Raptors’ general manager job in 2006, Bryan Colangelo had hoped it would be only a matter of time before he could duplicate the success he had enjoyed in Phoenix in his new gig.

After making the playoffs in his first two seasons, though, things fell apart for the Raptors, as No. 1 pick Andrea Bargnani never panned out, star forward Chris Bosh left, the franchise cycled through three coaches and, finally, almost a month ago, Toronto hired former scout Masai Ujiri to take over the team.

Former Raptors general manager Bryan Colangelo has stepped down from his with Toronto's business side. (AP Photo)

The Raptors were just 79-151 over the last three seasons.

At first, Colangelo was intent on staying on with the Raptors, and was moved to the business side of the organization. But he changed his mind in the interim and on Wednesday, Toronto announced he was stepping aside altogether. He will, technically, still be involved with the team, but only as a consultant.

“Having had a better chance to reflect on things for the past several weeks, I have concluded that stepping away from my position is the best course of action for the organization and everyone involved,” Colangelo said in a statement.